Another tax question (1099-MISC)

CajunSaint said

I dont know the amounts. I was just saying since it is relative, the only way you will get in trouble is if they turn you in or you get audited. BUt if you get audited...depending on the amount, they still likely wouldnt bother you.

But that is bad advice, the rules are what you said.

As for the less than $30, i think spending $30 or less is worth my time to make sure it gets done right...i mean i can go to court and argue my way out of ticket, but paying a Lawyer $100 to make sure it is taken care of is worth my time...just sayin.

Click to expand...

Fair enough but I don't think that's the right analogy. You wouldn't pay a lawyer to go change your voter registration.

All I have to do is fill in name/address/taxID info and then fill in the amount of non-employee compensation. There were no withholdings or anything like that. It's literally one box.

Another question: I know that I can pay myself (from the LLC to me individually) a small but reasonable amount for tax preparation for the Schedule C. But do I then have to report the same amount as income on my 1040? Is there any reason to do this - as the 1040 income and schedule C income for an LLC are all basically the same thing for tax purposes?